Oil Tanks Plus Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09688340 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2021

FOR

OIL TANKS PLUS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R B Ward

Mrs M J Ward

SECRETARY:

Mrs M J Ward

REGISTERED OFFICE:

25 Cottesbrooke Park

Heartlands

Daventry

Northamptonshire

NN11 8YL

REGISTERED NUMBER:

09688340 (England and Wales)

ACCOUNTANTS:

Cooke Watts & Co Ltd

Vectis House

Banbury Street

Kineton

Warwick

Warwickshire

CV35 0JS

FIXED ASSETS

Tangible assets

4

12,319

4,782

CURRENT ASSETS

Stocks

91,667

85,583

Debtors

5

115,446

56,696

Cash at bank

305,028

266,566

512,141

408,845

CREDITORS

Amounts falling due within one year

6

314,260

223,334

NET CURRENT ASSETS

197,881

185,511

TOTAL ASSETS LESS CURRENT LIABILITIES

210,200

190,293

CREDITORS

Amounts falling due after more than one year

7

(35,833

)

(45,833

)

PROVISIONS FOR LIABILITIES

(888

)

(487

)

NET ASSETS

173,479

143,973

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

173,379

143,873

173,479

143,973

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 March 2022 and were signed on its behalf by:

R B Ward - Director

Mrs M J Ward - Director

1.	STATUTORY INFORMATION

Oil Tanks Plus Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on cost and 10% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2020 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 December 2020

10,606

Additions

10,448

Disposals

(2,750

)

At 30 November 2021

18,304

DEPRECIATION

At 1 December 2020

5,824

Charge for year

1,591

Eliminated on disposal

(1,430

)

At 30 November 2021

5,985

NET BOOK VALUE

At 30 November 2021

12,319

At 30 November 2020

4,782

During the year the directors were of the opinion that depreciation substantially undervalued the fixtures and fittings and motor vehicles of the company.

It was therefore agreed to change the depreciation policy of fixtures and fittings from 25% of cost to 10% on reducing balance and the depreciation policy of motor vehicles from 20% on reducing balance to 10% on reducing balance.

If these policies had not been changed, total depreciation would have been £3,999.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

113,946

56,696

Other debtors

1,500

-

115,446

56,696

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

10,000

4,167

Trade creditors

236,816

96,219

Taxation and social security

67,381

93,654

Other creditors

63

29,294

314,260

223,334

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

35,833

45,833

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

5,833